Study Abroad Loan without Collateral: Prodigy vs MPOWER vs Leap Finance (2023)

FAQs

Which is better leap finance or Prodigy? ›

I got loan approval from leap finance @9.25% rate of interest processing fee 2% tenure 10 years for $50,000 amount.. Whereas in prodigy finance a amount of $30,000 was offered for me when I kept the amount for $50,000 .. but the floating interest rate was 8.2 or 8.3% for a tenure of 15-20 years , processing fee @ 2%..

Top Lenders to Apply for Education Loan without Collateral

Public banks like SBI, Bank of Baroda, etc offer applicants with a loan of upto 7.5 Lakhs without collateral. Private banks like Axis Bank, ICICI Bank, HDFC, etc offer students a loan amount upto 40 lakhs without collateral.

Leap Finance provides highly safe and reliable education loans to Indian students headed abroad for higher education. They currently provide graduate student loans to Indian students who are enrolled at American and Canadian universities.

Though Leap finance has simplified the loan application process and since we do not require collateral, lesser documents are required to sanction the loan.

The short answer is - no! Prodigy Finance does not require any collateral or a co-signer for our loans. We assess affordability based on your future earning potential and not only on your credit history. This means you don't need a co-signer or collateral in order to apply for a loan.

MPOWER Financing Reviews FAQs

MPOWER Financing has an overall rating of 4.1 out of 5, based on over 54 reviews left anonymously by employees. 76% of employees would recommend working at MPOWER Financing to a friend and 77% have a positive outlook for the business. This rating has been stable over the past 12 months.

20 lakh for programs abroad. According to the rules, collateral security is not needed for loans up to Rs. 4 lakh. Only when the loan surpasses a predetermined sum determined by the bank will collateral and a third-party guarantee be necessary.

Leap Finance charges a processing fee of only 1-2% of the education loan amount. The processing fees are only charged when you request for funds. That's it. You're done.

Which loan provider is best? ›

Leap Finance offers interest rates which is one of the lowest in the industry. Our interest rate ranges between 8.25% - 10.25%. Also, Leap Finance interest rates are fixed unless other international lenders to avoid all the uncertainty during repayment.

Central Bank of India provides education loans to students to study in India and abroad with interest rates starting from 6.85%. The bank also offers concession rates for female students. Students can get generous loan amounts that help them cover all the expenses related to the courses. Interest Rates (p.a.)

Both public and private banks give education loan without collateral. The difference is the loan amount. Public banks give maximum of INR 7.5L while Private banks can lend up-to INR 40 Lakhs. Also there is an option to go with NBFCs which works same as private bank.

They provided everything like mock tests, study materials and live classes in just 149 rupees. I would like to personally recommend Mohd Shees sir for his excellent guidance. Yes, Leap Scholar is very reliable in terms of their services.

Arnav Kumar - Founder - Leap Scholar | LinkedIn.

Don't worry - many of our customers do not have a credit history, and it isn't a requirement for our loans. If you've never taken out any credit before you will still be able to retrieve a form of confirmation from your credit bureau agency stating that you do not have any credit history.

Does Prodigy have processing fee? ›

Prodigy Finance processing fee

Prodigy Finance charges a whooping processing fee of 2.5%-4% of the sanctioned loan amount. This is a very high figure when compared to government banks.

MPOWER Financing is one of the few that doesn't require a cosigner or a strong credit history. For international students without a supportive network, MPOWER Financing can be a useful option. However, its loans have high interest rates and fees, and it has limited repayment options.

MPOWER does not require a credit score or history, but we do review any existing credit history in the U.S. and your country of origin, if available.

What Are the Eligibility Criteria For An MPOWER Financing Education Loan? An undergraduate or graduate student within 2 years of graduating or admitted to a 2-year or a 1-year program. An international student, DACA recipient, a US citizen, or refugee or asylum seeker.

What is the maximum loan amount one can get for overseas studies? The max. education loan amount offered by Axis Bank is INR 40 Lakhs without collateral and INR 1 Cr. with collateral.

Go to IDBI bank for an education loan if you have secured admission in any of the premier institutes and have adequate (1.33 times) collateral security for easy approval.

You can opt for easy EMIs and conveniently repay your Rs 25 lakh Personal Loan over a pre-decided tenure. A Personal Loan is an unsecured product – you don't have to provide collateral. Therefore, the key requirement for banks to give you a personal loan is a good credit score and income stability.

HDFC bank offers collateral-free loan up to Rs. 7.5 lakhs, above this amount the applicant needs to submit a collateral. Various options for collateral are available with the bank like residential property, HDFC bank Fixed Deposit, etc.

Collateral or security

Upto 7.5 Lakhs, Parents or Guardian is required as a co-borrower but no collateral security or third party guarantee is required. For loans above 7.5 lakhs, collateral is necessary and Parents or Guardian is required as a co-borrower.

Is it safe to take loan from Leap Finance Quora? ›

Their process is super easy and transparent. Very happy wid them. Everything happens online and you get a sanction letter within only 3 days. Also, they help you open US bank account from India only, you can also avail a credit and debit card.

Step 1: Choose the principal amount between 15000USD and 100000 USD. Step 2: Choose the Interest Rate between 8.5% and 10.95%. Step 3: Choose the tenure of repayment of the loan between 7 years to 10 years. Step 4: Select the duration of your course.

The Leveraging Educational Assistance Partnership Program makes grants to states to assist them in providing need-based state grants to eligible students attending institutions of higher education. LEAP Program publications are listed below.

The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.

Mortgage rates could decrease next week (Nov. 28-Dec. 2, 2022) if the mortgage market takes a cautious approach to a possible recession. However, rates could rise if lenders account for the Federal Reserve continuing to take aggressive measures to counteract the high inflation of 2022.

This interest calculation method takes the annual interest rate and (inexplicably) divides it by 360, then multiplies the quotient by the actual number of days in a month. Therefore, the result is that you pay an extra 5 days of interest each year (6 days in leap years).

Key Takeaways. Using long-term equity anticipation securities (LEAPS) with an expiration period of up to three years can be an alternative to buying stocks outright. Using LEAPS can result in huge returns, but they can be risky, and you'll have to roll the dice just right.

If your loans are subsidized, you are not responsible for paying the interest that accrues while you're in school. If your loans are unsubsidized, you're responsible for all the interest that accrues, even while you're in school. Learn about the differences between subsidized and unsubsidized loans.

Which type of student loan has the lowest interest rate? ›

The interest rate on subsidized loans is one of the lowest you'll find, and no co-signer is required. All eligible undergraduate borrowers qualify and they receive the same rate regardless of credit history.

Since Personal Loans are unsecured (without collateral or security) loans, banks will look at your income, cash flows, strength or stability of your business or employment to make sure you are able to repay the loan. HDFC Bank customers can get Personal Loans with minimal or no documentation.

Well, the answer to the above question is - Yes, a student can be eligible for a second education loan. For this, they can either apply for a second education loan from the bank they already have taken their first loan from or they can apply to a different bank.

A: Undoubtedly, you need to put some effort to acquire a student visa for any country, however, the most prominent options to accomplish easy attainment of student visa as an Indian student are Australia, Canada, and New Zealand.

Australia is known as the best student destination globally because of its high-quality education, low cost of living and opportunities to work. Australia welcomes international students from all over the world, and the higher education system in Australia differs from other countries.

In India, mPokket, Pocketly, KrazyBee, KreditBee, Sahukar, SlicePay, CashBean, and BadaBro are the top personal loan applications for students. Students may apply for loans instantly using these applications.

Proceed Finance approves loans for credit scores as low as 640. There is no down payment required. You can apply online in under a minute and will receive an instant decision in most cases.

Who is the biggest lender of student loans? ›

Mostly the U.S. government. According to the office of Federal Student Aid, $1.62 trillion, or 93% of all student loan debt, is federal student loans.

MPower Financing covers a host of expenses, including but not limited to, tuition fees, housing, living expenses, insurance, and books.

leverageedu.com had more total visits compared to leapscholar.com in September 2022.

Arnav Kumar - Founder - Leap Scholar | LinkedIn.

While it is certainly possible to get a personal loan with a 600 credit score, having a score in the bad credit range does rule out a large chunk of the market. There are few major unsecured personal loan providers whose minimum credit score requirements are at or below 600, as most have thresholds between 640 and 700.

How much of a loan can I get with a 600 credit score? Depending on the lender, you might be able to get a loan for up to $50,000 with a credit score of 600. One way to shop for amounts and rates is to apply using an online platform like Acorn Finance.

A 600 credit score is still considered "fair," so it may be possible to get a debt consolidation loan. In fact, there are often lenders that are willing to even work with borrowers with bad credit (considered a score of under 580).